Choice India Broker Research reports

Proposal to set up a Fisheries and Aquaculture Infrastructure Development Fund for fisheries sector and an Animal Husbandry Infrastructure Development...

MLL is one of the leading players in the fast growing Third Party Logistics (3PL) sector. MLL's technology enabled, "asset-light" business model allows for scalability of services as well as the flexibility to develop and offer customized...

Q3FY18 Result Analysis: NII increased by 24.1% YoY and 5.8% QoQ in Q3FY18 (22.0% YoY and 4.1% QoQ) on the back of strong growth in advances driving interest income. Interest earned during the quarter grew by 16.9% YoY and 4.6QoQ (15.2% YoY and 5.4% QoQ in previous quarter) while the interest cost remained lower at 10.4% YoY due to the rationalization on deposits rates. Strong credit growth and higher share of low cost deposits base (CASA) positively impacted the NIM which remained stable at 4.3%. After strong expansion in network, bank is focusing on operating efficiencies along with...

Axis Bank Ltd. (AxisB) posted strong numbers for Q3FY18 in terms of business growth and profitability while showing improvement in assets quality (62 bps QoQ reduction in GNPA ratio to 5.28% v/s 5.90% in previous quarter). Credit book expanded by six quarter high rate at 21% YoY, despite this NII grew by 9.2% YoY leading to ()5 bps YoY & (7) bps QoQ compression in NIM to 3.38%. Net profitability of the bank improved by 25.3% YoY to Rs7,264.4 mn on the back of significant reduction in the provisioning for NPAs. We see improvement in AxisB's earnings and assets quality going forward, however elevated credit cost (PCR to be...

Agro Tech Foods Limited is engaged in the business of marketing food and food ingredients to consumers and institutional customers. The Company offers its products under various categories, which include edible...

resulting into a total of 63 machines and a production capacity of 9000TPA. Relative Capital Market Strength NSL has a domestic as well as international clientele which include companies such...

Expecting an agri reform focused budget plus more initiatives on job creation Modi government has done enough to rejuvenate the economy in the last couple of years. Policy actions like demonetization (DeMo), GST, insolvency & bankruptcy code, affordable housing, RERA, bank recapitalization etc. was undertaken in the last four years, which was well received by the investor community across the world. This can be demonstrated by the sovereign rating upgrade and jump of 30 spots in the World Bank's Ease of Doing Business Ranking. Also the reform process was also supported by stellar foreign inflows. However, there are certain key areas of concerns, where the impact of government policies are not felt i.e. employment generation and continued agrarian distress, which were a major poll issues in the recently concluded Gujarat assembly elections. Going forward, with the assembly election in around eight states in 2018, these issues are believed...

Robust trend in business growth and profitability continued' Indusind Bank Ltd. (IndusB) posted strong performance for Q3FY18, in line with our estimates, on business growth as well as financial parameters. Credit book of the bank expanded by 25% YoY and low cost deposits share increased to 43% leading to 20% YoY expansion in NII. While the growth remained robust, IndusB maintained stable assets quality (GNPA-1.2%) and NIM at ~4.0% during the quarter. We prefer IndusB mainly owing to its likely robust advances & deposits growth and improving productivity, which could drive PAT by 29% CAGR over FY17-20E, with RoA of 1.9%...

Galaxy Surfactants Ltd. (Galaxy) is one of the India's leading manufacturers of surfactants and other specialty ingredients for the personal care and home care industries....

Q3FY18 Result Analysis: Net interest income increased by 19.9% YoY and 2.6% QoQ in Q3FY18 (10.8% YoY and 3.7% QoQ inQ2FY18). Though interest income grew by 0.6% YoY amidst the implementing strategy to maintain competitive MCLR rate, this offset by (-)7.0% YoY decline in the interest cost despite the decline in low cost deposits as rationalization of deposits rates benefitted the bank on this front. Thereby NIM which improved by 6bps QoQ to 3.09% was mainly driven by the robust growth in NII. Owing to the (-)4.2% decline in operating expenditures, cost-to-income (C/I) ratio reduced to 50.2% in the...